If less than 1/4 of the units were exchanged for shares at today's closing price, they would need to issue 480.7 million shares. Add that to the current 10.4 million. Now assume the market cap "shoots up" to $10 million as you say. That would value each share at .02 cents.
Repeat: LESS THAN 1/4 OF THE UNITS EXCHANGED
My guess is the current share price could be exaggeratedly too high.